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don't forget who asked and demanded for deficit reduction. when i talked to a capitol hill staffer, here's what he said. he said -- this is very important -- "if it's a status quo election some kind of deal that staifz off sec quest rags. >> the republicans. >> i have to say it, it is the republicans that the point that are arguing against deficit reduction. they want to cancel the see quester, which is military spending cut. >> only on their terms. >> they would like spending cuts, but they would like -- they won't be ebbing mrift about exactly how do do it. >> i want to give luke the last word on this. >> is there a chance? just your kind of read on the final word on this, do we end today with some kind of a deal, or do they punt this and try to do it before january 3rd or not at all, just go over the cliff? >> i think that there's a possibility you could see a deal come out of the senate today, although i think if any deal comes out of the senate, the house will most likely vote on it tomorrow. i don't see a late night new year's eve vote
don't forget who asked and demanded for deficit reduction. when i talked to a capitol hill staffer, here's what he said. he said -- this is very important -- "if it's a status quo election some kind of deal that staifz off sec quest rags. >> the republicans. >> i have to say it, it is the republicans that the point that are arguing against deficit reduction. they want to cancel the see quester, which is military spending cut. >> only on their terms. >> they would...
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Dec 30, 2012
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are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >>
are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be...
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Dec 24, 2012
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you were a member of the bowles mpson deficit commission and voted for the final report. that proposed almost $3 trillion in spending cuts. president obama's last offer the one that the republicans rejected was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all of the spending over the next decade? >> you know, this conversation to me is exactly what is wrong in washington. i mean just listen to the conversation you have is just had. it is he said, she said, blame the other guy. look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion by taking the offers that are on the table. speaker boehner and the president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed even in his own caucus. now, the question. >> chris: but you are not answering my question. >> because i tell you something because we only have nine d
you were a member of the bowles mpson deficit commission and voted for the final report. that proposed almost $3 trillion in spending cuts. president obama's last offer the one that the republicans rejected was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all of the spending over the next decade? >> you know, this conversation to me is...
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Dec 26, 2012
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. >> catherine, isn't it their deficit in large part deficit? >> of course, but they have political amnesia. ideology is the science of idiots. here's one of these moments where when you live inside the box and refuse to look at empirical evidence, refuse to understand history to show us how economies work, how tax cuts or increases affect populations, then they are going to follow this line of idiocy over their own, i think, political cliff. and the partisanship is going to wreak tremendous havoc on the republican party in the upcoming elections. >> we have limited time. i want to go back to john harwood. is there a time here, john, when we're going to see the markets start to react or are we expecting most traders to wait until after the first to make big decisions? >> i think that's when they reacted. if we go over the cliff, even for a couple of days, you're going to see a reaction. i think at the end of the day you will see action if we go over the cliff for a couple of days, because i don't agree with jonathan that they are immune to publi
. >> catherine, isn't it their deficit in large part deficit? >> of course, but they have political amnesia. ideology is the science of idiots. here's one of these moments where when you live inside the box and refuse to look at empirical evidence, refuse to understand history to show us how economies work, how tax cuts or increases affect populations, then they are going to follow this line of idiocy over their own, i think, political cliff. and the partisanship is going to wreak...
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Dec 27, 2012
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they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play hardball. but i think they'll have a different argument later in the year. >> i guess both believe it's better to go over the falls than cut a deal that's going to hurt them at home. tea party people don't respond to boehner or to cantor or mccarthy or any of them. somebody in the next tea party is going to be yelling from the back, you sold us out. i think that's why the tea party is never going to be functional. they don't really respond to getting things done. they respond to anger back home. >> i think 2014 democrats are also aware of these tax incre
they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play...
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Dec 24, 2012
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beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have talked for some time. the bernanke bubble is rising. now, it's getting rather potent and driving this market. are we now seeing that shift, we are talking about over four and a half billion shares today, above the average all week. it looks like we're starting to see a real turn to equities. are we? >> that could be the case. if you believe money market rates will stay close to 0% until the middle of 2015 and ten year treasurys will climb above 2% anytime soon. it makes a great deal of sense. >> i agree. it is going to happen, and he has his paddle to the metal. he is not a point change. lou: he being ben bern
beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have...
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we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough them. there's no trick with unemployment insurance. if we go over the cliff and don't do anything by unemployment insurance, 2 million people, hardest hit by the recession, will lose their unemployment insurance. that's number one. we're going to have the payroll tax cut expire, that's probably going to happen if we do rea
we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over...
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the deficit, like how much debt or adding. over a trillion. just when you're. federal government runnng a a tab of a rillion. we talk about this number of the me. let's get this zero's again. a very big number. tough to get your arms around these numbers. when you see it on a piece of paper it's easier. i thought it would be even easier ifwe thought about one american household. what if each of those numbers translate it into one family. if you ran the household like the federal government here is what you would be looking at. your family income, 24400. your spending, 305,400. look at this. what's going on? you can't do this. if you were spending 35,000 only had 24,000 coming in, that's a nightmare. the new debt would be 10,900. it's a nightmare. so let's talk about your total credit card debt. if you were on par with the federal government your total debt would be $163,000. you're not even earning 25,000. you would be in huge trouble. you would be insolvent. i would call you a deadbeat. of course you're too smart to do something this stupid. capitol hill is no
the deficit, like how much debt or adding. over a trillion. just when you're. federal government runnng a a tab of a rillion. we talk about this number of the me. let's get this zero's again. a very big number. tough to get your arms around these numbers. when you see it on a piece of paper it's easier. i thought it would be even easier ifwe thought about one american household. what if each of those numbers translate it into one family. if you ran the household like the federal government here...
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if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country if the two parties come together. heather: we'll see what happens. thank you both very much for joining us until monday night. thank you. >> merry christmas. happy new year. [heavy breathing]. gregg: boy, remember that, video from april of 2011. monster tornado tearing through tuscaloosa, alabama, devastating the community and alberta baptist church. ever since then the church's pastor has been fighting insurers and fema and the city to try to rebuild. this month, finally some mo
if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine...
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. >>> it looks like they're pointing -- >> and politicians, and so what we're sealing is -- for deficit reduction. and spend seg cuts off their shoulders, and make it inevitable, saying, you know what? it didn't just happen to them. they pass the sequester, which contained severe, rapid definite at this time reduction. it was almost inevitable, almost the moment they passed the sequester. >> to you, ryan, i was alluding to how both sides are saying different things. two members of the house said this last hour. we had one democrat and one republican. take a listen. >> i think there's still a chance to get something done. that's what happened in the budget deal, i think that's what will happen again. >> it seems like they could even say what will happen. at this point i'm going to side with pollsters saying it won't happen. boehner is at his weakest point ever. to push something through. doing that would weaken him even further. he still needs to be elected speaker on january 3rd. if you're boehner, you let this thing slide past january 3rd, getting yourself elected, and then do what you
. >>> it looks like they're pointing -- >> and politicians, and so what we're sealing is -- for deficit reduction. and spend seg cuts off their shoulders, and make it inevitable, saying, you know what? it didn't just happen to them. they pass the sequester, which contained severe, rapid definite at this time reduction. it was almost inevitable, almost the moment they passed the sequester. >> to you, ryan, i was alluding to how both sides are saying different things. two...
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Dec 25, 2012
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you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was terrible. it was hard to watch, but some of the analysis afterwards really exposed some deficiencies in the democratic machine. >> for the republicans, it was arguably the best moment of the whole year for their candidate. >> i don't think his campaign really kicked into high gear until that first debate when he started to get some momentum. >> unfortunately for romney -- ♪ here i am >> it was also the best wake-up call for president obama who came alive in the next two encounters. >> we have to reduce our deficit but we have to do it in a balanced way. >> worst n
you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was...
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when you talk about jobs, whether the deficit, people think about things the government can do to try to improve the job situation. and, fundamentally the concerns people have right now have to do with the fairness of the political system and the fairness of the economic system. that is the realm in which i think obama had an upper hand and played that. mitt romney making statements about 47% helped him in that regard it is not about class resentment. it is not middle income class and lower income resent middle- class people but the to the system as unfair. that the way benefits are distributed is unfair, and they want to see a system move in the direction of fairness. i think that theme played very well to obama and helped to overcome the headwinds he faced in that respect. but if it is there in a review of the election. then what i would like to do is open it up to more of a conversation and more of a question and answer. there are a lot of other things we steady besides voting and what voters decided. we study technology and how it is changing the way people engaged with campaigns.
when you talk about jobs, whether the deficit, people think about things the government can do to try to improve the job situation. and, fundamentally the concerns people have right now have to do with the fairness of the political system and the fairness of the economic system. that is the realm in which i think obama had an upper hand and played that. mitt romney making statements about 47% helped him in that regard it is not about class resentment. it is not middle income class and lower...
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it was to raise awareness about deficit and debt. >> what was awesome about that >> everything. >> roland is right. there was nothing awesome about that. as a matter of fact, roland is right, john. there's nothing right. nothing. >> john's problem is inside, he's a very old man, too. i mean, it proves old people should really -- really old people should never use social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> alan sem son impson is one o great public servants who will say or do whatever it takes to get people's attention on issues that really matter. skip and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight violence against women. >> make the cut. >> senator franken. >> >> who picked the list? >> we all did it "outfront." >>> up next, a rust belt bright spot in 2013. we're going to take you there, next. [ male announcer ] rocky had no idea why dawn was gone for so long... ...but he'd wait for her forever, for any reason, and would always be ther
it was to raise awareness about deficit and debt. >> what was awesome about that >> everything. >> roland is right. there was nothing awesome about that. as a matter of fact, roland is right, john. there's nothing right. nothing. >> john's problem is inside, he's a very old man, too. i mean, it proves old people should really -- really old people should never use social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance?...
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Dec 30, 2012
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the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a patch with less than 36 hours to go. >> and don, this is the problem, something is the going to hurt. we can't get out with no pain, and we have all sorts of things and nobody wants to pay for it, don. >> you two are fired up, too. and the people at home are too, right. >> and 516 days since we knew that the deadline would come. >> and right at the deadline, and they are going home. >> right. and we are not. >> we are not. we will be here until who knows. okay. a stalemate or breakthrough? with hours to go, lawmakers are searching for a compromise. what are the chances of reaching a deal in was
the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a...
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it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy . manufacturing has already come back to some degree i know that apple computers are actually moving a couple production facilities back to the united states from china. there's a real key is to make sure that we're continuing to invest in those types of investments and help us compete on a global scale. but we should also realize that it helps us when apple can produce their goods in china in a more cheap efficient manner than we could here because american consumers can get i pods and i phones on a much discounted basis from what it would be if we tri
it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy ....
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insurance is still available for two million people and lays the groundwork for economic growth and deficit reduction. >> everything that has been happening in the last several hours has been happening behind the scenes. we have correspondents tracking everything for you. we have luke, luke, i will start with you this hour. the senate officially reconvenes tomorrow afternoon. i assume that there's a lot of closed door talks going on right now. is that true? what can you tell us? >> reporter: that is true, staff from harry reed and mitch mcconnell have been negotiating through the daout the day and in picked up. we have heard that both sides are not budgeting. but we don't know, things can change at any moment. if we have to gauge how to talks have gone so far from the conversations we have had here around capitol hill, they have not been too good at the moment. all that being said though, craig, there's a lot that can happen over the next 48 hours. the deal obviously is to try to have something on the floor that can pass the house of representatives by new year's eve. that is why it's so di
insurance is still available for two million people and lays the groundwork for economic growth and deficit reduction. >> everything that has been happening in the last several hours has been happening behind the scenes. we have correspondents tracking everything for you. we have luke, luke, i will start with you this hour. the senate officially reconvenes tomorrow afternoon. i assume that there's a lot of closed door talks going on right now. is that true? what can you tell us? >>...
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it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will check back in with you. thank you so much. again, the update, the highlight there from kelly o'donnell. there's been a major setback at this point in negotiations. according to democratic sources telling some democrats they are in a worse place in the negotiations now than they have been in some time. we're keeping a close eye on capitol hill. all the fiscal cliff business, maybe we put it aside at some point. we are not going to talk about that. by all accounts, 2013 should be a year of economic recovery. it should be. in a new article in
it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will...
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this time bomb that the congress created was designed to deal with deficit and the debt. we won't get that right now. but we might get a plan to deal with taxes, to avoid the fiscal cliff, that's a win for the economy and the american people. >> john, it is joe johns in washington, d.c. we have heard so much about tax increases and how they're going to handle those and not so much about the spending cuts and my question to you is at the end of the day, are we going to end up essentially with some type of a plan that could add to the federal deficit instead of reduce it? >> you noticed that, huh? sequester hasn't really been the topic of much conversation. look, that is still unclear right now. obviously, again, the point of all of this, the reason that over 500 days ago we set the fiscal cliff with regard to the spending cuts and knew the bush tax cuts were expiring ten years ago on this date, that was an impetus to create bargain to deal with deficit and debt. what seems to be coming together now is largely, as you said, a planned focused on taxes. not just the tough tax
this time bomb that the congress created was designed to deal with deficit and the debt. we won't get that right now. but we might get a plan to deal with taxes, to avoid the fiscal cliff, that's a win for the economy and the american people. >> john, it is joe johns in washington, d.c. we have heard so much about tax increases and how they're going to handle those and not so much about the spending cuts and my question to you is at the end of the day, are we going to end up essentially...
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. >> juliet: his thing is, look, we got to start cutting this deficit down. we just got to start now. he said, i stand to lose a lot of money in this, but it's got to happen now. >> dave: he also said republicans should lead on immigration, which i thought was interesting. that also made my eyes go up. >> clayton: he said they're going to continue to lose election after election if they continue to do what they did as it relates to immigration reform. the senate this morning, look at the live look, capitol hill and the white house. the senate reconvenes at 11:00 a.m. this morning. the house is getting together around 9:00 a.m. this morning. again, wendell goler reporting they've been hashing out deals throughout the night. >> dave: if you want good information as it happens, follow chad pergrum on twitter. he works harder than just about anybody in politics. he tweet constantly what's happening on the floor. >> juliet: let's get to some other headlines. fiscal cliff concerns also causing major uncertainty on wall street. investors are bracing for a volatile f
. >> juliet: his thing is, look, we got to start cutting this deficit down. we just got to start now. he said, i stand to lose a lot of money in this, but it's got to happen now. >> dave: he also said republicans should lead on immigration, which i thought was interesting. that also made my eyes go up. >> clayton: he said they're going to continue to lose election after election if they continue to do what they did as it relates to immigration reform. the senate this morning,...
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. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight violence against women. >> make the cut. >> who picked the list? >> we all did it "outfront." >>> up next, a rust belt bright spot in 2013. we're going to take you there, next. last chance to get the best deals of the year on america's freshest lineup. hurry in for the great mileage. hurry in the latest technology. the clock is ticking. so hurry to the final 100 hours of ford's year end celebration. before everything's gone. and one more thing...hurry. get a focus with 2000 cash plus 500 year end bonus cash with no charge sync and sound during the final hundred hours of the ford year end celebration. only at your local ford dealer. >>> well, washington's division and dysfunction threatened our economic reco
. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight violence against women. >> make the cut. >> who picked the list? >> we all did it...
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were close to getting some sort of a grand bargain that would have addressed tax reform as well as deficit reduction. those talks, of course, fell apart. house speaker john boehner tried to get an alternative plan through the house. that didn't work out. now the focus shifts to the senate. senate majority leader harry reid, minority leader mitch mcconnell will have to try to hammer out some sort of a compromise to avoid going over the cliff, but as you pointed out in your introduction, a lot of senators over the weekend expressed concern that, in fact, we will go over the fiscal cliff. of course, if is that happens, the economy could eventually slip back into recession. one interesting point, thomas, though, last time that members of congress worked between christmas and new year's was 1996. that was during the government shutdown. this is really a rare occurrence for members of congress to have to come back and work out legislation that they went able to get done before the christmas holiday. >> the president is supposed to stay there for how long? >> well, of course, the white house not
were close to getting some sort of a grand bargain that would have addressed tax reform as well as deficit reduction. those talks, of course, fell apart. house speaker john boehner tried to get an alternative plan through the house. that didn't work out. now the focus shifts to the senate. senate majority leader harry reid, minority leader mitch mcconnell will have to try to hammer out some sort of a compromise to avoid going over the cliff, but as you pointed out in your introduction, a lot of...
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so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that, cost $600 billion per year in added interest expense. that's what we are trying to avoid with a fiscally responsible plan. >> we stand by with you and the rest of the folks on the hill to see what you get today. we wish you all the best in finding a solution. >> thank you. >> the president is blaming congress, specifically republicans in the house, republicans blame the president. who do the american people think is at fault? we have our spokesperson for the dnc and for the rnc. >> good to be with you. we be that the polling is not good for anybody in washington, wh
so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that,...
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and so the deficit increased rather than declined. so it went from 220 billion in 1990 to 269 billion in 1991, 290 billion in 1992. i think that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather th
and so the deficit increased rather than declined. so it went from 220 billion in 1990 to 269 billion in 1991, 290 billion in 1992. i think that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come...
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cut part of the deficit? bring all 3 million of that one weapon back in, let the government, county, state and federal, pay you to take them back. you do don't need them. >>> we have to leave it there. thank you for your time. >>> speaker boehner has said it's up to the senate and the president to come up with a fiscal deal, but as some point out, he'll have to push a bill through the house. given last week's events it won't be easy. "the washington post" columnist e.j. dionne says that may be the silver lining, writing, quote -- now at least we know something important. the current rep majority cannot govern, only a coalition across party lines can get the public's business done. e.j. joins us now, a senior fellow with the brookings institution and an msnbc contributor. e.j., great to see you, as always. john boehner sits to the left of center of his caucus. can he work out a deal without inciting a full-scale revolt? >> well, we don't know that, but i think he'll have to test it. that really tells you somet
cut part of the deficit? bring all 3 million of that one weapon back in, let the government, county, state and federal, pay you to take them back. you do don't need them. >>> we have to leave it there. thank you for your time. >>> speaker boehner has said it's up to the senate and the president to come up with a fiscal deal, but as some point out, he'll have to push a bill through the house. given last week's events it won't be easy. "the washington post" columnist...
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. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight wviolence against women. >> make the cut. >> who picked the list? >> we all did it. >> up next, a rust belt bright spot in 2013. we're going to take you there, next. and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome.
. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight wviolence against women. >> make the cut. >> who picked the list? >> we all did it....
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to be all about reducing our debt and deficit. this was borne out of the debt crisis negotiation a year and a half ago. but i would say the president did win politically. he accomplished something i think we have never really seen by a modern american president which he has gotten this class warfare narative, tax the rich and we'll solve all our problems to become something very acceptable among a lot of americans and that put the republicans in congress in a precarious situation. even though we know there is absolutely no economic benefit by way of job creation, economic growth or even deficit reduction to tax the rich, the president accomplished and satisfied his greatest fixation, which really was enacting his social justice agenda through making tax rates punitive, not progressive which they already are. with that respect the president definitely scored a clear victory but the big conversation will be during the debt crisis negotiation, the debt ceiling negotiation in about two months. heather: but first, we managed to get thr
to be all about reducing our debt and deficit. this was borne out of the debt crisis negotiation a year and a half ago. but i would say the president did win politically. he accomplished something i think we have never really seen by a modern american president which he has gotten this class warfare narative, tax the rich and we'll solve all our problems to become something very acceptable among a lot of americans and that put the republicans in congress in a precarious situation. even though...
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years, 1% or 2% of the population, they need to contribute a little more to that restructuring of our deficit situation. so i don't think this is political at all. the politics ended on election day. the president made his case, he made it very clearly. there is no doubt as to what was at stake in that election and the president was elected overwhelm lig. so the politics are over. now we're trying to govern the country and i think that's, at least in the house. >> congressman, i got to speak with you twice over the last several days. i appreciate your time. >> you, too. >> this video just in from the scene of a fire in the rochester, new york area. it's reported two firefighters were shot after responding to a large fire at 6:00 this morning. they encountered gun fire as they were getting out to the fire and immediately retreated. one firefighter was shot in the buttocks and is reported to be in satisfactory condition. it's believed that three houses and one vehicle are involved in that fire. residents in the area have been asked to stay in their homes away from windows and doors. we'll keep
years, 1% or 2% of the population, they need to contribute a little more to that restructuring of our deficit situation. so i don't think this is political at all. the politics ended on election day. the president made his case, he made it very clearly. there is no doubt as to what was at stake in that election and the president was elected overwhelm lig. so the politics are over. now we're trying to govern the country and i think that's, at least in the house. >> congressman, i got to...
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we have a trillion dollars in deficit spending last four years. president says let's go back to the clinton levels of taxation. if we went back to the clinton levels of taxation we're still double the highest bush era of deficit spending still because spending was accelerated so much in 2009 and 2010. we're trying to bring the spending levels back down. on the contrary if we just brought the spending levels down to the clinton level spending instead of tax level going up to clinton level of tax it is would solve this. we're trying to solve the debt and deficit. we're trying to say how do we get out of debt. the president is saying let's get past the fiscal cliff and let's keep moving on. that doesn't solve the problem. what solves the problem is reducing spending and get our spending back down so our nation is back in balance again. jon: is it mostly medicare and perhaps social security that are the drivers of the problem in your view? >> it is everything that's on the table. when you look at our discretionary spending, how much that was accelerat
we have a trillion dollars in deficit spending last four years. president says let's go back to the clinton levels of taxation. if we went back to the clinton levels of taxation we're still double the highest bush era of deficit spending still because spending was accelerated so much in 2009 and 2010. we're trying to bring the spending levels back down. on the contrary if we just brought the spending levels down to the clinton level spending instead of tax level going up to clinton level of tax...
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part on your screen, "tonight's agreement ensures that going forward, we'll continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest americans. i will continue to fight every day on behalf of the middle class and all those fighting to get into the middle class to forge an economy that grows from the middle out, not the top down." >>> the treasury is taking steps to help avert a different financial crisis. it has stopped issuing new debt of two government retirement funds. the news will keep the government from reaching its $16.4 trillion borrowing limit, at least for the time being. this is not going to impact current retirees. treasury secretary timothy geithner announced last week that his department will adopt measures to save about $200 billion and that is to keep the government from reaching its limit for two months. >>> want to get the out-the-door forecast. tom? >> 2013, the forecast for today, a few scattered flurries or sprinkles today. above freezing throughout the daylight hours. a cold pattern tomorrow through the first part
part on your screen, "tonight's agreement ensures that going forward, we'll continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest americans. i will continue to fight every day on behalf of the middle class and all those fighting to get into the middle class to forge an economy that grows from the middle out, not the top down." >>> the treasury is taking steps to help avert a different financial crisis. it has stopped...
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it's deficits that got us into this problem. it's only reducing the deficit that's will get us out of this problem. >> the key there is it's my best belief that they've reached an agreement on revenues, that means on this issue of raising taxes on the wealthiest americans. this is still a fight over tax rates for wealthy americans at this point. not sure what else is on the table. doctors, see a 27% cut on the pay they get for medicare services, that's a problem. amt. there's a whole host of people that are going to get hit if they don't fix this. >> that's tough all around for everybody. the fact he's saying it's somewhat optimistic is surprising to me. i haven't heard that much optimism, but we'll see how it goes. christine, thank you. we appreciate it. the outlook on wall street might be a little gloomy when the opening bell rings later this hour. but investors elsewhere around the world, they're actually holding steady. britain's ftse index and hong kong's hang seng index spent most of the morning down but only slightly. jap
it's deficits that got us into this problem. it's only reducing the deficit that's will get us out of this problem. >> the key there is it's my best belief that they've reached an agreement on revenues, that means on this issue of raising taxes on the wealthiest americans. this is still a fight over tax rates for wealthy americans at this point. not sure what else is on the table. doctors, see a 27% cut on the pay they get for medicare services, that's a problem. amt. there's a whole host...
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but $90 million isn't that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says, you got to start somewhere. especially when washington won't. the partisan bickering has bothered him since -- >> 1992. >> reporter: that's when garcia first wrote his congressman, suggesting a formula to eliminate the death. the depression era kid and army veteran says he's giving back to a country that's given him so much. a sense that's infectious. his daughter is now collecting cabs at work. his grandson drives garcia to friends' houses, just to collect more cans. garcia knows that his monthly money orders won't avert the fiscal cliff, but his priest says that's not the message garcia's sending to congress. >> in order to really solve the $16 trillion national debt, you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american has decided that road has to end, and it might as well be here. so if you want to be, like his granddaughter says, be lik
but $90 million isn't that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says, you got to start somewhere. especially when washington won't. the partisan bickering has bothered him since -- >> 1992. >> reporter: that's when garcia first wrote his congressman, suggesting a formula to eliminate the death. the depression era kid and army veteran says he's giving back...
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the president in addressing a deficit added $1.6 trillion in new spending. gregg: yeah. >> so who are we joking right now? the president has never taken the spending side of this equation seriously, which is why we don't have a deal. republicans have put their necks on the line supporting new revenues, the president's not coming through. gregg: senator barrasso said the president does want to go over the cliff, because he wants to punish republicans. is there something to that? >> i don't think there's anything to that, but the reality is that if he wants to get anything done, he has two options. he either breaks the republicans on taxes, or he breaks the republicans. i read that somewhere, and i thought it was a fantastic quote. but i do think that he is going -- i don't think any of us want to see the country go off the cliff. gregg: maybe he just didn't think $16 trillion in debt is a big deal, basil? >> i think he thinks it's a big deal if we go off this cliff. we're talking about two million folks that will not get unemployment anymore, i don't think an
the president in addressing a deficit added $1.6 trillion in new spending. gregg: yeah. >> so who are we joking right now? the president has never taken the spending side of this equation seriously, which is why we don't have a deal. republicans have put their necks on the line supporting new revenues, the president's not coming through. gregg: senator barrasso said the president does want to go over the cliff, because he wants to punish republicans. is there something to that? >> i...
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these are people providing us also with the means that float the deficit. these are people that are providing finances and this goes on long enough, they begin to think that. >> who? >> the foreign governments as well as markets. people sitting on enormous treasuries. the question then is they go hold it. if these guys are not serious, why am i depending on them so much? the scary scenario is people say before i continue to float the united states, i want to get a higher return in order to give in to this risk and uncertainty. that is the day the spiral begins because mr. bernanke and col colleagues have to think about raising rates and whether to attract the financing. what is scary about this cliff and the debt ceiling over the next two months to the end of february is for the rest of the world looking at us, we have about two months if not to solve everything, but to get enough ducks lined up that we continue to be at least border line serious. >> talking about border line serious, tim geithner's letter indicating we won't be able to pay our bills, are t
these are people providing us also with the means that float the deficit. these are people that are providing finances and this goes on long enough, they begin to think that. >> who? >> the foreign governments as well as markets. people sitting on enormous treasuries. the question then is they go hold it. if these guys are not serious, why am i depending on them so much? the scary scenario is people say before i continue to float the united states, i want to get a higher return in...
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annual federal deficits over a trillion dollars. he will not change his tune. this is about the fundamental transformation of the nation. that is why he needs all tax rates to go up because he needs to get where the real money is which is the middle class. gregg: that debt is fundamental economics. really baffling. >> right. gregg: monica, good to see you. nice column. merry christmas to you. >> merry christmas to you too. gregg: bye-bye. heather: to a fox news alert now. we just got word to expect a news conference anytime now from police in upstate new york after a gunman opened fire at four firefighters who showed up to just do their job, battle a fire that actually may have been ended up being a trap set by the shooter. police in webster, new york, outside of rochester, they say two of those firefighters were killed at scene. another two were treated at a local hospital. we're awaiting for that news conference. we'll have a live report in moments on what we may learn from police and plus the 911 calls that we got moments ago from this case. so stay tuned. >
annual federal deficits over a trillion dollars. he will not change his tune. this is about the fundamental transformation of the nation. that is why he needs all tax rates to go up because he needs to get where the real money is which is the middle class. gregg: that debt is fundamental economics. really baffling. >> right. gregg: monica, good to see you. nice column. merry christmas to you. >> merry christmas to you too. gregg: bye-bye. heather: to a fox news alert now. we just...
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of assets including buildings and hrafpbltd why selling these some say could make a big dent in our deficit. gregg: man doesn't leave his best friend even when he falls through the ice. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my motr was so wrong about you. next, we get priory boarding on our flight i booked with miles. all because of the card. gregg: i want to show you this new video of a dramatic rcue in china. a young woman getting money from an atm machine is grabbed from behind and then a knife is put to her throat. there you see it. you can see the man holding her. a special unit of police and professional negotiators dispatched immediately to the scene after two hours finally able to take him down. wow. patti ann: the u.s. government is the nation's largest assett holder managing nearly 900,000 buildings and 640 million acres of land. in short hundreds of billions worth of assets that it could sell off to pay down the national debt. some say it's time for the government to start selling. wi
of assets including buildings and hrafpbltd why selling these some say could make a big dent in our deficit. gregg: man doesn't leave his best friend even when he falls through the ice. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my motr was so wrong about you. next, we get priory boarding on our flight i booked with miles. all because of the card. gregg: i want to show you this new video of a dramatic...
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still some criticize the bill saying it doesn't go far enough to reduce the deficit or unemployment. >> the idea that people earning $300,000 to $400,000 a year could not pay the taxes they paid in the 1990s when the economy was booming is just plain absurd. >> i've said all along, most important priority was to protect the middle class family. middle class families will wake up today to the assurance their taxes won't go up $2200 each. they'll have the certainty to plan how they'll play for groceries, rent, car payments all during next year. >> reporter: we've been focusing on income taxes. but there is one tax that will be going up for all workers. that is the social security payroll tax. there had been a 2% tax cut in affect for the last two years that was part of an obama stimulus program. and in this deal they are going to allow that tax cut to expire. that's going to take about $20 a week out of worker's paychecks and put it into the social security trust fund instead. >> thank you very much for that update. on our facebook page we asked you why you think law makers waited so l
still some criticize the bill saying it doesn't go far enough to reduce the deficit or unemployment. >> the idea that people earning $300,000 to $400,000 a year could not pay the taxes they paid in the 1990s when the economy was booming is just plain absurd. >> i've said all along, most important priority was to protect the middle class family. middle class families will wake up today to the assurance their taxes won't go up $2200 each. they'll have the certainty to plan how they'll...
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but, if you're a deficit hawk, you might be happy with this news. the congressional budget office estimates that with all of these new tax revenues, plus those mandatory spending cuts kicking in january 1st, that would all cut the deficit in half next year to about $600 billion. kelly? kelly: we would go through this for about half a year. then there's a talk among some people, that we would actually rebound at the end of six months or so. but that is a lot of pain to go through. is there any idea of what could happen to the economy or stock market as a result of congressional inactivity? >> well, yeah. the cb. off and many private economists say that the $600 billion in fiscal tighting, as you say would push the economy into recession next year and send the unemmoment rate to back above 9%. a survey of investment managers found 60% of the them see a drop in the dow industrials of 10% or more if the cliff is not avoided. kelly? kelly: boy, that is very ominous. peter, thank you. hopefully something can be done. peter barnes. jamie: another extreme w
but, if you're a deficit hawk, you might be happy with this news. the congressional budget office estimates that with all of these new tax revenues, plus those mandatory spending cuts kicking in january 1st, that would all cut the deficit in half next year to about $600 billion. kelly? kelly: we would go through this for about half a year. then there's a talk among some people, that we would actually rebound at the end of six months or so. but that is a lot of pain to go through. is there any...
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the bad news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make
the bad news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i...
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after obama campaign in to one 2008 to reduce the deficit and then double it, do you think the american electorate was cognizant of the fact that obama doubled in it instead of cutting it in half? why don't the american people care about the debt of the united states of america? guest: i do think they care about it. the economy is the number-one issue. guess what? then it comes down to things like jobs. then you come to the debt. it is not that americans are out of touch with the idea that the government is spending more money than we are taking in. there is lots of concern about whether or not the chinese is holding our debt. so, americans are very concerned and that the question is how you go about addressing this problem -- are very concerned. the question is how you go about addressing this problem. president obama and the democrats are saying we have a combined problem both in terms of not sufficient taxation and also we have to have cuts in spending. we have to do the cuts in spending over time because you do not want to endanger a very fragile economy. to respond directly to your
after obama campaign in to one 2008 to reduce the deficit and then double it, do you think the american electorate was cognizant of the fact that obama doubled in it instead of cutting it in half? why don't the american people care about the debt of the united states of america? guest: i do think they care about it. the economy is the number-one issue. guess what? then it comes down to things like jobs. then you come to the debt. it is not that americans are out of touch with the idea that the...
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we can't run trillion dollar deficits for a year and expect to get away with that long term. so i think there is a trade-off here in terms of some penalty to growth next year. longer term there are benefits though and going into the year i think you just have to have maybe a little cash in the portfolio but be looking to put money to work in companies that are going to survive, good balance sheets and consistent profitability. stocks are cheap relative to bonds so i don't want to get too defensive here. >> you were with us at the top of the hour and made clear you were on hold until you see something about a fiscal cliff resolution of some kind. is there nothing you would buy between now and the end of the year? >> nothing. maybe some inverse etfs, bill, quite honestly. i want to see not just fiscal cliff resolution but i want to see q 1 earnings. i'm sorry. q 4 earnings. last quarter's earnings were not all that exciting. we really saw the european effect take hold in a lot of these companies really laboring and a lot have bounced back. i think again it is this liquidity dri
we can't run trillion dollar deficits for a year and expect to get away with that long term. so i think there is a trade-off here in terms of some penalty to growth next year. longer term there are benefits though and going into the year i think you just have to have maybe a little cash in the portfolio but be looking to put money to work in companies that are going to survive, good balance sheets and consistent profitability. stocks are cheap relative to bonds so i don't want to get too...
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that is to say the expiration of the tax cuts pretty much take care of our intermediate deficit problem and implementation of the cost saving measures strengthened over time in the aca will deal with their long-term health care problem. so we are not that far away and we have other tremendous strengths in our country that would allow us to make the kind of investment to transform the economy, to do with the reality of stagnant wages and a sense of diminished opportunities. we have strengths. we can do it. we need the public to rain and behavior that's destructive and we need political leaders to act forcefully. given enough to bipartisan commissions and searched enough for bipartisan consensus. for sensible hard all politics along these lines. >> norm, i particularly cutie take the money question. a couple political had a great shared that showed that party polarization in congress was directly correlated with increasing concentrations of wealth from increasing equality went together artisan polarization. and the money question you can handle so many different ways. i'm really concerned
that is to say the expiration of the tax cuts pretty much take care of our intermediate deficit problem and implementation of the cost saving measures strengthened over time in the aca will deal with their long-term health care problem. so we are not that far away and we have other tremendous strengths in our country that would allow us to make the kind of investment to transform the economy, to do with the reality of stagnant wages and a sense of diminished opportunities. we have strengths. we...
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Dec 29, 2012
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but since everyone understands if you are serious about the deficits and the debt you don't begin our program they've and imagine how you are going to sort of put that together in the end. and so, i think that is a sort of fundamental difference. democrats are protective, and therefore their political incentives are to play the same hardball with permanent campaign hardball, they are not prepared to put at risk the full faith and credit of the united states. they are not prepared to shut the government down. they just won't do that because they believe the government plays an important role. conservatives, real conservatives want the government that they have, and not a bit more that they need, but they are not wild and crazy about just dumping on that. and i think we have -- it is almost a radical perspective, not a conservative perspective. again, it is one that is much more protective of the government, and i think the difference is real. >> i want to threw out a theory we may not want to go after the hash tag triet 1 feet. it's all bill clinton's be fivefold, and starting in the 1
but since everyone understands if you are serious about the deficits and the debt you don't begin our program they've and imagine how you are going to sort of put that together in the end. and so, i think that is a sort of fundamental difference. democrats are protective, and therefore their political incentives are to play the same hardball with permanent campaign hardball, they are not prepared to put at risk the full faith and credit of the united states. they are not prepared to shut the...
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Dec 24, 2012
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speaker john boehner and president obama seemed close it to getting a deal, which included tax reform and deficit reduction. the talks fell aaparpaapart. >> how we get there god only knows. >> speaker boehner tried to pass an alternative bill that allowed tax rates to rise on those making a million dollars or more. >> they weren't taking that out on me. they were dealing with the perception that somebody might accuse them of raising taxes. >> reporter: before jetting off to hawaii, president obama was prepared to accept a smaller deal as long as it prevented taxes from going up on middle class americans and extended unemployment insurance. >> i expect democrats and republicans to get back to washington and have it pass both chambers, and i will immediately sign that legislation into law before january 1st of next year. >> reporter: but americans say the uncertainty in washington is casting a cloud over their holidays. >> they are responsible for the well-being of all americans, and right now they're more woern wored about politics. >> i would tell them to get off their butts, because most of us a
speaker john boehner and president obama seemed close it to getting a deal, which included tax reform and deficit reduction. the talks fell aaparpaapart. >> how we get there god only knows. >> speaker boehner tried to pass an alternative bill that allowed tax rates to rise on those making a million dollars or more. >> they weren't taking that out on me. they were dealing with the perception that somebody might accuse them of raising taxes. >> reporter: before jetting off...
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Dec 26, 2012
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brianna keilar, realistically can there be a grandiose bill that will attempt to solve our spending, deficit problem, with the overall framework? or talking about a band-aid? >> personally, i don't think we'll get the big plan in the next six days. it would be great if we could. >> the whole enchilada. but at least if we can get an appetizer -- no, seriously. if we can get assurance that realistic work is being done to provide tax relief, regulatory relief. the two big laws passed previously in 2010. affordable care act, well intentioned, very costly and those are posing problems too. >> earlier this week, we spoke with grover norquist. you signed the pledge not to sign taxes. >> i did. >> he supported speaker boehner's plan "b" and said it wouldn't violate his pledge. here's what he told us earlier this week. listen. >> i think in fact, plan "b" is a good step to protecting tax cuts for everybody. >> if you look at current law, current law says as we all know, part of the fiscal cliff '01, '03 tax relief measures will expire on january 1st. at this point, everybody's taxes go up. we all kno
brianna keilar, realistically can there be a grandiose bill that will attempt to solve our spending, deficit problem, with the overall framework? or talking about a band-aid? >> personally, i don't think we'll get the big plan in the next six days. it would be great if we could. >> the whole enchilada. but at least if we can get an appetizer -- no, seriously. if we can get assurance that realistic work is being done to provide tax relief, regulatory relief. the two big laws passed...
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Dec 26, 2012
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>> i think there is no question that getting the debt and deficit under control is in the interests of younger generations so they are not saddled with debt solely for our current consumption. but how we get there matters an awful lot. if you raise taxes on people at the top, that affects people mostly in their peak earning year, late 40s to their late 50s. if you focus the spending cuts on discretionary spending which is what we've done so far, you squeeze investment thes in the next generation. education, infrastructure, research. there really needs to be a balance both between taxes and spending and then on the spending side between restraining discretionary spending and restraining entitlements which are aimed at today's seniors. >> so many times we've heard talk about generational warfare between old and young. but this is a little bit different. >> right. first of all, there is no -- today there is generational warfare more in the opposite direction. the polls show that young people by and large are willing to pay for entitlements for today's seniors. what's eroded is the willing
>> i think there is no question that getting the debt and deficit under control is in the interests of younger generations so they are not saddled with debt solely for our current consumption. but how we get there matters an awful lot. if you raise taxes on people at the top, that affects people mostly in their peak earning year, late 40s to their late 50s. if you focus the spending cuts on discretionary spending which is what we've done so far, you squeeze investment thes in the next...